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Power Metering Market Worth $17.8 Billion by 2020

DALLAS, TX -- The report "Power Metering Market by Application (Residential, Commercial & Industrial), by Phase, by Type (Smart, Digital, Analog, & Others), & by Region (North America, South America, the Middle East Africa, APAC, & Europe) - Global Trend & Forecast to 2020" published by MarketsandMarkets, defines, segments, analyzes, and forecasts the global Power Metering Market. It also identifies the driving and restraining factors of the Power Metering Market, with an analysis of trends, opportunities, burning issues, and winning imperatives.

The market on the basis of region has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The Power Metering Market is projected to reach $17.8 Billion by 2020, at a CAGR of 8.9% from 2015 to 2020.

The market has been further segmented on the basis of major applications into residential application, commercial, and industrial. The Asia-Pacific Power Metering Market is expected to grow at a high rate in the next five years.

Asia-Pacific is the largest market for power meters. The region, which has done fairly well in the past 10 years, accounted for around 45% of the total market share in 2014. The growth rate has scaled up due to an increase in construction spending, rise in industrial activities, and enhancement of the grid infrastructure of the region.

Residential Application - Major application for the Power Metering Market

Power meters are categorized into three primarily segments, namely, residential, commercial, and industrial applications. The major market is captured by the residential application, which includes the utilization of meters in all households including urban and rural. The commercial application is the second major application which is utilized in various commercial places such as hospitals, schools, and shopping complexes among others. Increasing construction and industrial activities, along with the replacement market of old and technologically out dated meters is the key driver of the market.